Waxman-Markey – Last Minute Changes Don’t Lower The Price Tag
Posted June 24th, 2009 at 9:42am in Energy and Environment 
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The Waxman-Markey global warming bill – already the most convoluted attempt at economic central planning this nation has ever seriously considered – just got a lot more complicated with hundreds of pages of last-minute changes. Though it would take weeks for members of Congress to figure out exactly what this now-1,200 page bill does, it is scheduled for a rush vote by the end of the week. But one thing is certain – it still is a massive energy tax that would severely hurt the American people and the American economy.
The current version does not weaken the stringent targets and timetables for reducing emissions of carbon dioxide from fossil fuels. They must decline by 3 percent in 2012, 17 percent by 2020, and 83 percent by 2050. Since fossil fuels comprise 85 percent of the nation’s energy and there is no way to cheaply substitute for them, the targets amount to energy rationing. Prices for gasoline, electricity, and natural gas have to rise high enough so that individuals and businesses are forced to use less of them. Economic pain is how these ever-tightening targets are met.
The Heritage Foundation estimates electricity costs rising by 90 percent by 2035, gasoline by 58 percent, and natural gas by 55 percent. A household of four can expect to pay $1,241 more for energy annually by that year. And since higher energy costs raise the price of everything else, the total impact of this energy tax would reach nearly $3,000 per household per year from 2012-2035. Total gross domestic product losses average $383 billion annually from 2012-2035 and would total $9.4 trillion dollars.
High energy costs also kill jobs, especially energy-intensive manufacturing jobs. An estimated 1,145,000 will be lost under this bill. Farming is also energy intensive, and thus would be badly harmed. Heritage estimates lower farm profits by 28 percent in 2012 alone, and 57 percent from 2012-2035.
In response to complaints from farmers and their representatives, proponents of the bill provided some free rights to emit carbon dioxide to rural electric cooperatives. In all likelihood, rural electricity and other energy prices would still go up, and the disproportionate burden on farmers and other rural residents would barely be dented.
There is no tinkering around the high costs of Waxman-Markey, and even assuming a few hundred more pages are added tomorrow or the day after, this remains a massive energy tax.
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19 Responses to “Waxman-Markey – Last Minute Changes Don’t Lower The Price Tag”
Eugene Nottingham Granbury, TX on June 24th, 2009 at 9:42am said:
VOTE NO ON THIS.
JD, Hays KS on June 24th, 2009 at 9:42am said:
VOTE NO ON CAP AND TAX. VOTE THESE DEM OUT OF OFFICE ASAP. SAVE AMERICA.
B. Sinclair on June 24th, 2009 at 9:42am said:
Garbage! Just another scheme by slick politicians (not Statesmen)to gain wealth…for themselves and their cronies. Guarantee yourselves Al Gore is nearby. SICK of the mess!
J, Copeland, Columbus Indiana on June 24th, 2009 at 9:42am said:
Massive wealth transfer from the Mid-West and South to the Northeast and West Coast. If it wasn’t a scam then they would have copied the Sulfur Dioxide program used in the past. This bill allows Nuclear and Hydro projects to get allowances for CO2 which is basically writing them a check. Not to mention organizations can have allowances bestowed upon them which is like writing them a check. So many things are bad and there is not enough room to write them all down.
Stacia Lemon, MI on June 24th, 2009 at 9:42am said:
Contact them NOW!!!!!!! Why is everything they do behind closed doors?
Grace, Florida on June 24th, 2009 at 9:42am said:
NO, NO, NO ON THIS BILL. ANYONE IN CONGRESS WHO VOTES YEA WILL LOOSE THEIR JOB IN THE NEXT ELECTION.
gp,nj on June 24th, 2009 at 9:42am said:
It’s behind closed doors so that they can get away with the biggest money grab from the American people in the history of this republic in which they will use to line their own pockets. This is plain nuts and we just shouldn’t stand for it. It’s time we all become pro-active and contact each and every representative and tell them that they better not vote yes on this and at the very least there should be ample amount of time for debate. We are all fools and we are allowing these idiots to weave the rope that we will all hang from.
Marshall Hill MI. on June 24th, 2009 at 9:42am said:
Welcome to the “Scheming Party of Promises!”
joan, connecticut on June 24th, 2009 at 9:42am said:
Where is the promised transparency in Government? The Waxman/Markey bill is another tax burden heaped on the American citizen,while “friends” of Congress reap the benefits. The middle class takes it on the chin again and again. Vote no on Waxman/Markey!
Dave, Bellingham, Washington on June 24th, 2009 at 9:42am said:
Not only is it a giant regressive tax that reduces wealth and employment in perpetuity, but it also increases CO2 production by chasing economic activity to less efficient economies. It also establishes a large, inefficient bureaucracy with the permanent ability to distort the economy and punish disfavored companies or segments of the economy.
Finally, it guarantees a permanent gusher of campaign contributions to members of Congress from companies seeking a piece of the pie in the form of a tax credit or or handout from the taxpayers. A cynic would say that this is the primary reason for passage of the bill.
Lynn B. DeSpain on June 24th, 2009 at 9:42am said:
Why is it so hard for Americans to find out for themselves that A: There is no Global Warming at this time, just research the facts. B: If there was a Global warming it would not be caused by CO2 but rather by water suspended in the atmosphere, not CO2. C: Oil is not a ‘Fossil Fuel” It is a naturally occuring substance made up from two of the Earth’s Crust’s most two common Compounds, Calcium Carbonate and Iron Oxide, extereme temperatures and extreme pressures and the Eath’s rotation continually supply us with Crude Oil and Methan Gas!
People, stop being sheep! If there were warming, then why is it that 1797 and 2005 are the only two warmest years on record in the past 25? Why are the Glaciers growing at a fantastic rate in Alaska? Why have we had the coldest Summers on record for the past three Summers? Why have we had the coldest Winters for the past four Winters?
Stop being mislead! It costs Americans 20 million for each electric producing windmill set up, and will last for twenty years. In that time the windmill will produce 4 million in electricity! Who’s screwing who?
Hozro
Cathy Amelio, New Jersey on June 24th, 2009 at 9:42am said:
Write or call your legislators now! It took only one person to pull prayer in schools maybe if these ivory tower dwellers were voted out it would mean a great deal, but it seems they just get voted back again and again. We have to stand-up now and say we are fed up and will not take it anymore. We the people are not being represented and thought of as just units of tax.
Take a stand now!
james woulfe……..fort lauderdale, florida on June 24th, 2009 at 9:42am said:
I am against new energy bill. Stop waxman bill.
Kevin, Addison,TX on June 24th, 2009 at 9:42am said:
Vote no on this ridiculous bill. If anyone in the senate votes for this , they will also be punishing their own family members.
John, Carmel, IN on June 24th, 2009 at 9:42am said:
Vote No, it will hurt the coal industry, manufacturing states, the elderly, the poor, and create a loss in jobs. This country can’t afford any more job losts.
Frank Crocker, Washington DC on June 24th, 2009 at 9:42am said:
Garbage. The US cant afford this! We are already in the red.
Frank Crocker
Axioma Tennessee
http://www.axiomatennessee.com
John Rosky Andover,Mn on June 24th, 2009 at 9:42am said:
What gives these politicans the right to do any of this. Can’t they understand the Constitution, in that the power that they get is from the people and not special interests. Next election let’s get normal people in Congress because we have to wait 4 years to get the Socialist Obama out of office.
judy/ morehead NC on June 24th, 2009 at 9:42am said:
I want to know how each representative voted. Where do I find that info?
Jay, Humble, TEXAS on June 24th, 2009 at 9:42am said:
Remember who voted yes on this bill in 2010. It’s time for change alright … vote the bums out of office!